Bitcoin Poised to Hit $37K Before 2024? Matrixport Analysis Sparks Excitement
Is Bitcoin on the verge of a significant price surge? Recent analysis from Matrixport suggests a potential rally to $37,000 before the end of 2024. Senior Analyst Markus Thielen\'s prediction has ignited excitement within the crypto community, building on the premise that Bitcoin could surge to 37K in October. Historically, Q4 has been a strong quarter for crypto, and Matrixport has highlighted this trend, suggesting a possible year-end rebound that could surprise investors.
Matrixport\'s Bullish Outlook on Bitcoin
Matrixport\'s technical analysis indicates a recent breakout signal for Bitcoin. According to their findings, the last ten times this model was triggered, Bitcoin\'s price rose by an average amount. This, coupled with historical trends, points towards a potential upswing in the coming weeks.
While Bitcoin dipped below $40k and recovered, Matrixport predicts a possible temporary dip to $36,739 before a stronger rebound. This short-term volatility shouldn\'t overshadow the larger bullish trajectory they foresee.
Key Factors Driving Bitcoin\'s Potential Growth
Matrixport outlined five micro-events and one macro-event that could drive Bitcoin’s price in 2025. While focused on 2025, these factors also contribute to positive sentiment currently. These include:
- Spot Bitcoin ETF approval
- FTX restart
- Bitcoin Halving
Impact of Potential Spot Bitcoin ETF Approval
The U.S. Securities and Exchange Commission (SEC) is expected to announce or postpone its decision on approval for spot Bitcoin ETFs in October. This decision is a crucial factor influencing the crypto market. Given historical trends, a positive decision could significantly boost Bitcoin\'s price. The expectation surrounding the SEC\'s decision is further intensified as Grayscale moved 103,134 BTC to Coinbase Prime after spot ETF.
Historical Trends and October\'s Significance
Bitcoin\'s performance often aligns with historical trends, suggesting a potential price surge in early October. The data showcases that Bitcoin is poised for this historical behaviour. Many investors will be expecting this rebound, boosting the overall market.
Disclaimer: Cryptocurrency investments are highly volatile and carry significant risk. Conduct thorough research and consult with a financial advisor before making any investment decisions.